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1.  
A scheme has assets of ₹ 84 crore, liabilities of ₹ 4 crore and 4 crore units outstanding. Its NAV is:

Correct Answer: C [₹ 20]

Explanation:

(84 − 4) ÷ 4 = ₹ 20.

2.  
₹ 25,000 is invested at NAV ₹ 62.50. Units allotted:

Correct Answer: D [400]

Explanation:

25,000 ÷ 62.50 = 400.

3.  
An investor holds 450 shares; the company declares a 2 : 3 bonus. Shares after the bonus:

Correct Answer: E [750]

Explanation:

Bonus = 450 × 2 ÷ 3 = 300; total 750.

4.  
The IRDA Act, 1999 came into force – and the insurance regulator began – on:

Correct Answer: B [19 April 2000]

Explanation:

19 April 2000 (GIC Re history page) – not 1999.

5.  
Odd one out (the other four apply only to contracts of indemnity):

Correct Answer: A [Utmost good faith]

Explanation:

Utmost good faith applies to all insurance; indemnity, contribution, subrogation and salvage apply only to indemnity contracts.

6.  
The first life insurance company on Indian soil was:

Correct Answer: C [Oriental Life Insurance Company (1818)]

Explanation:

Oriental Life, Calcutta, 1818; Bombay Mutual (1870) was the first Indian life insurer.

7.  
NSE was recognised as a stock exchange by SEBI in:

Correct Answer: B [April 1993]

Explanation:

April 1993 (incorporated 1992).

8.  
Match the event with the year:
(i) LIC formed (ii) GIC incorporated (iii) NSDL established (iv) CDSL established
(p) 1972 (q) 1999 (r) 1996 (s) 1956

Correct Answer: E [i-s, ii-p, iii-r, iv-q]

Explanation:

1956; 1972; 1996; 1999.

9.  
Which type of mutual fund scheme can be bought only during its NFO and is then listed on an exchange?

Correct Answer: A [Closed-ended]

Explanation:

Closed-ended: fixed unit capital, listed.

10.  
Which is/are correct about depositories?
I. They are regulated under the Depositories Act, 1996.
II. An investor can open a demat account directly with NSDL.
III. A DP must resolve investor complaints within 21 days.

Correct Answer: D [Only I and III]

Explanation:

I and III true; accounts are opened through a DP.

11.  
India's equity cash market moved fully to T+1 settlement from:

Correct Answer: E [January 2023]

Explanation:

January 2023 (SEBI).

12.  
A rights issue is offered to:

Correct Answer: C [existing shareholders, in proportion to their holding]

Explanation:

Rights – to existing holders.

13.  
India's insurance penetration in 2024-25 (PIB, April 2026) was:

Correct Answer: B [3.7%]

Explanation:

3.7%.

14.  
BSE received permanent recognition under the SCRA on:

Correct Answer: D [31 August 1957]

Explanation:

31 August 1957 – first in India.

15.  
Trick Spotter: "Contribution applies to a life policy." Which shortcut rejects it fastest?

Correct Answer: B [Indemnity is for things, not for life]

Explanation:

Contribution is an indemnity-type principle – general insurance only.

16.  
A direct plan of a mutual fund has a lower expense ratio than a regular plan because:

Correct Answer: A [no distributor commission is paid]

Explanation:

Direct – bought from the fund house; no commission.

17.  
When existing shareholders sell their shares to the public, the issue is called:

Correct Answer: B [Offer for sale]

Explanation:

OFS – money goes to the sellers, not the company.

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